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Oct 30, 2012
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small part of the economy. when exports slow, clearly that will feed through. having said that, the u.s. and china do seem to have bottomed out. >>. >> dan, thanks very much for joining us. and speaking of hurricane sandy, a levee break in new jersey is prompting rescue operations for new jersey. so the fallout continues. >>> still to come, more on the super storm sandy as it sweeps across the eastern u.s. >>> welcome back. these are the headlines today from around the globe. sandy roaring ashore, powerful storm dumps a ton of rain on theest east coast, knocks out power to millions and floods parts of lower manhattan. >> and shares of bp rising, hiking its dividend by more than 12%. >> and ubs will cut 10,000 jobs an weaned down it fixed income business. deutsche bank sees revenues boosted by debt trading. >> we hope you survived the night safely. >> and we're starting to get more of a sense of how damaging sandy has been. while hurricane sandy may not be a hurricane by name, it's still having a major impact. t
small part of the economy. when exports slow, clearly that will feed through. having said that, the u.s. and china do seem to have bottomed out. >>. >> dan, thanks very much for joining us. and speaking of hurricane sandy, a levee break in new jersey is prompting rescue operations for new jersey. so the fallout continues. >>> still to come, more on the super storm sandy as it sweeps across the eastern u.s. >>> welcome back. these are the headlines today from around...
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Oct 29, 2012
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. >>> will this devastating storm have an impablgt on our already sluggish economy? we'll turn the attention there next. >>> this is going to be a thorny issue. financial trade group sifma says if the new york stock exchange is closed again tomorrow, then all dollar denominated securities should be closed around the world. >>> new york governor andrew cuomo will have a press conference and we'll talk to him live one-on-one after the press conference. he'll tell us what he's seeing and advise new yorkers of the next steps. rt comes with 8 airb, a crash management system and the world's only tridion safety cell which can withstand over three and a half tons. small in size. big on safety. oh, hey alex. just picking up some, brochures, posters copies of my acceptance speech. great! it's always good to have a backup plan, in case i get hit by a meteor. wow, your hair looks great. didn't realize they did photoshop here. hey, good call on those mugs. can't let 'em see what you're drinking. you know, i'm glad we're both running a nice, clean race. no need to get nasty. here'
. >>> will this devastating storm have an impablgt on our already sluggish economy? we'll turn the attention there next. >>> this is going to be a thorny issue. financial trade group sifma says if the new york stock exchange is closed again tomorrow, then all dollar denominated securities should be closed around the world. >>> new york governor andrew cuomo will have a press conference and we'll talk to him live one-on-one after the press conference. he'll tell us...
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Nov 2, 2012
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you've got uncertainty about the broad economy. i can't imagine, ron that, this 100-point selloff in the dow industrials is because people want more economic stimulus and more qe. disappointment over maybe the jobs numbers show the economy is not in need enough of more qe. we've had so much stimulus out there. >> yeah, i think anybody who's been trained on what the fed has to say knows that one month, particularly 170,000 jobs, is not going to change fed policy. stan jonas, a friend of mine who's an independent trader, did some back of the napkin math. at 170 jobs per month t will take like the end of 2014 to get the unemployment rate down to 7%. then the fed starts to unwind, rather than middle 2015. that's some of the chatter going on. i don't think it's that meaningful. i don't think a 100-point drop in the dow is all that meaningful given we're approaching the election and have a nor'easter coming to new york. >> i just want to add to what ron said. the fed has spoken. it's been clear about what it's going to do and how long it
you've got uncertainty about the broad economy. i can't imagine, ron that, this 100-point selloff in the dow industrials is because people want more economic stimulus and more qe. disappointment over maybe the jobs numbers show the economy is not in need enough of more qe. we've had so much stimulus out there. >> yeah, i think anybody who's been trained on what the fed has to say knows that one month, particularly 170,000 jobs, is not going to change fed policy. stan jonas, a friend of...
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Oct 29, 2012
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economy together with the global economy is very fragile. we have low growth if not recession in europe and i think the financial markets are also very fragile, not justs because they're struggling to make gains where you have the tug of war between the core fundamentals versus the central bank liquidity, but volume has been so thin all year and then we have this event which could dry up the volume further. so things are flanragile. >> and low volume means liquid markets and could see dislocations? >> if we see for whatever reason some sort of selling coming into the market with low liquidity, you could see the market can down quite quickly. >> basically whenever you have conditions that aren't normal, more likely to see this kind of thing happen. >> absolutely. so if you're a short term trader, i would be very worried about taking any positions. if you're a longer term investor, just sit there and grin and bear it and hope things begin to stabilize. but it's all confluence of both the vulnerable economy, lack of liquidity in the market whic
economy together with the global economy is very fragile. we have low growth if not recession in europe and i think the financial markets are also very fragile, not justs because they're struggling to make gains where you have the tug of war between the core fundamentals versus the central bank liquidity, but volume has been so thin all year and then we have this event which could dry up the volume further. so things are flanragile. >> and low volume means liquid markets and could see...
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Oct 31, 2012
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that's continuing to deteriorate and a weak economy that's slowly improving. if you look at the economic data we've had here aabroad, things are in fact improving. there is a lot of noise and still a lot of disappointments out there. earnings season didn't really live up to what we were hoping for this particular earnings season but it is important for investors to develop a plan and stick to it. >> hang on, i can only assume that woo whhat we've seen with hurricane and the fact there are so many people not at work and spending money, there will be more missing at least on the revenue front, possibly on the profit fronts unless they cut costs and jobs coincident with the loss of revenue. >> i think you are right it is a little bit too early to assess the economic impact of sandy. but as steve just put it earlier, it would be naive to assume this will be a net positive. clearly this will be a negative. as we were driving through lower manhattan coming here today, how many stores are completely shut off? a lot of people can't get to work. a lot of people that ar
that's continuing to deteriorate and a weak economy that's slowly improving. if you look at the economic data we've had here aabroad, things are in fact improving. there is a lot of noise and still a lot of disappointments out there. earnings season didn't really live up to what we were hoping for this particular earnings season but it is important for investors to develop a plan and stick to it. >> hang on, i can only assume that woo whhat we've seen with hurricane and the fact there are...
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Nov 1, 2012
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it is the opposite, the total opposite of free market economi economics. and one of the functions of the utility is to provide shareholders with a decent rate of return which means you can make the infrastructure changes that you can't. you're a victim of government al control. it's the exact opposite of free market economics. >> it's a balance. no question about it. regulators are very sympathetic to utilities needs to enhance the infrastructure, but they have citizens breathing down their neck or want the rates cut or reduced. >> why didn't the markets set the rates? that's what i'm really asking. >> you can't do that with this asset. the thing that gets the juice from the generator on the customer, you can't have duplicate systems. and you would need duplicate systems if you really want that had kind of competition that you just inferred. >> that's what the distribution, but what about the purchase of the power itself. there are ways to deregulate this industry that would present who are competition, isn't there? >> no n. moin most cases there open mark
it is the opposite, the total opposite of free market economi economics. and one of the functions of the utility is to provide shareholders with a decent rate of return which means you can make the infrastructure changes that you can't. you're a victim of government al control. it's the exact opposite of free market economics. >> it's a balance. no question about it. regulators are very sympathetic to utilities needs to enhance the infrastructure, but they have citizens breathing down...
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Nov 1, 2012
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economy. we're going to see some curtailment in gdp, if commerce in general during this period of time, it will probably have a slight negative blip on october gdp numbers and somewhat into november, as well. i think a lot of what's going on this week, let's wait until friday. friday is a jobs day. this is traditionally low volume week. i was a little surprised that there wasn't a little more volatility in the markets yesterday when they reopened. clearly there would have been a lot of pent up trading it demand one way or the other. and also with the fiscal year end for mutual funds. so clearly people are sort of sitting on their hands and waiting and seeing and we'll see what happens today. >> yesterday relatively smooth one might argue in discovering pricing. how do we trade through today's data? with the employment number out tomorrow, does that still overshadow everything? >> yeah, i think so. the fun thing thing is we're sitting here with this incredible storm which believe me having live
economy. we're going to see some curtailment in gdp, if commerce in general during this period of time, it will probably have a slight negative blip on october gdp numbers and somewhat into november, as well. i think a lot of what's going on this week, let's wait until friday. friday is a jobs day. this is traditionally low volume week. i was a little surprised that there wasn't a little more volatility in the markets yesterday when they reopened. clearly there would have been a lot of pent up...
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Oct 30, 2012
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did this slowdown hurt an already limping economy? that's coming up next here. >>> and later on the program, terry duffy on what to expect when markets resume trading tomorrow. back in a moment. >>> welcome back. superstorm sandy likely to have a big impact on the economy and the employment picture. >> paul, how big of an impact on gdp could you see from sandy at this point? >> well y >> well, you know, interesting. moody's is calculating the cost of the storm in terms of generating dollars over the last couple days is about $20 billion. he thinks that it will probably even out as we go through. wells fargo is thinking we'll see about a 0.1% or 0.2% decrease in gdp. there is an argument to made as we move into q-1 with stimulus money coming in to recover from the storm there could be a bit of a benefit to the economy going forward. >> i guess people have to get jobs created as a result of all of the infrastructure cleanup that will be needed. what about the retail sector, paul? retailers have certainly felt the brunt of the storm here
did this slowdown hurt an already limping economy? that's coming up next here. >>> and later on the program, terry duffy on what to expect when markets resume trading tomorrow. back in a moment. >>> welcome back. superstorm sandy likely to have a big impact on the economy and the employment picture. >> paul, how big of an impact on gdp could you see from sandy at this point? >> well y >> well, you know, interesting. moody's is calculating the cost of the...
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Oct 31, 2012
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at the same time everyone's watching china, they're going to accelerate the economy over there. for the multinationals that's the next key, china pmi coming out late today. >> rick you look at the data from jobs and housing. what is the impact on some of the reports in particular the jobs number coming out friday? >> i think whether it's the adp number tomorrow which there's been a flurry of activity regarding discussions about how the new methodology, if you look at the 2012 numbers under the old methodology versus new oa methodology, 365,000 less with the new methodology. it just makes things a bit confusing, and for friday's number, obviously with what's going on in your part of the country, there's going to be all types of questions as steve just pointed out as to how economic activity present and future will be altered, so it just makes data a bit confusing at a time we need clarity. >> i want to be clear i don't believe the numbers will be affected by the hurricane because they came after the survey period. >> no, not these, future numbers. yes. >> the numbers that are rec
at the same time everyone's watching china, they're going to accelerate the economy over there. for the multinationals that's the next key, china pmi coming out late today. >> rick you look at the data from jobs and housing. what is the impact on some of the reports in particular the jobs number coming out friday? >> i think whether it's the adp number tomorrow which there's been a flurry of activity regarding discussions about how the new methodology, if you look at the 2012...
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> and we'll get larry kudlow's take on how the storm could impact gdp, the strength of the nation's economy. we'll be right back. < [ male announcer ] at scottrade, we believe the more you know, the better you trade. so we have ongoing webinars and interactive learning,
> and we'll get larry kudlow's take on how the storm could impact gdp, the strength of the nation's economy. we'll be right back. < [ male announcer ] at scottrade, we believe the more you know, the better you trade. so we have ongoing webinars and interactive learning,
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infrastructure is the lifeblood of the economy and if in fact you are going to run an economy, this needs to be a priority. mr. are probably difficult choices to be made, but i don't believe we are too broke to fix this mess. this is just too important. >> who's "they"? >> a combination of public and private funding. >> the public is broke. >> the public is broke. but when you're talking about food and you need food, you go get food and you make some choices not to get something else. >> but wouldn't it cost trillions of dollars to bring all of oufr frr infrastructure this country up to the 21st century? >> it will and it will take decades. it can't be done practically in the course of five or ten years. it will take a decade and we need to start now. >> where do we prioritize? >> i think the key is go back and look at the vulnerabilities in the infrastructure, in the power grid, in the water systems, in the roads, et cetera and begin to identify them, prioritize them and move forward. but without money it is very difficult for public authorities to move forward. there needs to be a natio
infrastructure is the lifeblood of the economy and if in fact you are going to run an economy, this needs to be a priority. mr. are probably difficult choices to be made, but i don't believe we are too broke to fix this mess. this is just too important. >> who's "they"? >> a combination of public and private funding. >> the public is broke. >> the public is broke. but when you're talking about food and you need food, you go get food and you make some choices...
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Nov 2, 2012
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it's a economy that was on a modest upswing just before this catastrophic hurricane hit the northeast. 171k compared to a forecast of 125,000. so an upside surprise. the unemployment rate ticked up as expected. these were the two disappointments, the average hourly earnings and average weakly earnings numbers which by the way -- you could use those numbers. they're fine. revisions were up 84,000. the average revision in the past 18 months has been plus 45,000. this 92,000 number in august was revised up to 192,000 now. here are the good signs. where is that next one? they don't have it i guess. there we go. the revisions positive, temporary help positive. construction jobs finally showing up in the economy after months of better than expected jobs numbers. here is the bad signs, the average hourly earnings and hours worked also down as well. and then joe pointing this out. i like this. it's worth imagining where the jobs and economic growth would be if he didn't have the uncertainty of the fiscal cliff and now of sandy. >> mike murphy, i don't know, help me out. why isn't the market r
it's a economy that was on a modest upswing just before this catastrophic hurricane hit the northeast. 171k compared to a forecast of 125,000. so an upside surprise. the unemployment rate ticked up as expected. these were the two disappointments, the average hourly earnings and average weakly earnings numbers which by the way -- you could use those numbers. they're fine. revisions were up 84,000. the average revision in the past 18 months has been plus 45,000. this 92,000 number in august was...
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how is the economy? it's coming down in this election to not only the future for other generations but also the economic picture in specific areas of the country. how is the economy in columbus right now? >> the economy in columbus is vastly improving. in fact, we're leading the way for the rest of the state. our unemployment rate is 5.7%. still, we have much more to go. we're the lowest unemployment rate in the entire state. frankly, it is the work of the locality, it is the work of our work here in the city of columbus, working with the business community to help turn our economy around and i think the auto saving, the auto bailout helped out the entire state but also helped out the city as well. and, you know, no one person can claim total responsibility for the turnaround of ohio. one governor pounding his chest saying he's turned around the economy. frankly him taking full credit is disingenuous. >> well, that's what makes a race, i think. >> but everybody made a contribution. i think in columbus th
how is the economy? it's coming down in this election to not only the future for other generations but also the economic picture in specific areas of the country. how is the economy in columbus right now? >> the economy in columbus is vastly improving. in fact, we're leading the way for the rest of the state. our unemployment rate is 5.7%. still, we have much more to go. we're the lowest unemployment rate in the entire state. frankly, it is the work of the locality, it is the work of our...
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Oct 31, 2012
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. >> one point i would add to what you said, connectivity, electricity, the internet economy is more dependent on electrical power. local businesses internet-based experienced a lot of trouble based on what you're talking about. >>> moving on. news of a couple big deals. as wall street gets back to business. bertha coombs with an update on disney. >> they call themselves tvh. much more modern. they do sportswear. paying $3 billion for calvin klein underwear brand offering 68 -- 34% premium. that sent shares to what looks like a historic high. it's the second big deal they've done since2010. they paid $30 billion for tommy hilfiger back then. meantime, disney agreeing to buy lucas films for $4 billion in cash and boy, this was the talk of the twit owe sphere. all of my geeky friends are not happy about this deal. especially since lucas said he wasn't going to make any more films. there's talk about an episode 7 except they used a numerical 7 instead of a roman numeral 7. there's a lot of talk about the story franchise. >> we're all concerned at fast money as well, bertha coombs. >> yo
. >> one point i would add to what you said, connectivity, electricity, the internet economy is more dependent on electrical power. local businesses internet-based experienced a lot of trouble based on what you're talking about. >>> moving on. news of a couple big deals. as wall street gets back to business. bertha coombs with an update on disney. >> they call themselves tvh. much more modern. they do sportswear. paying $3 billion for calvin klein underwear brand offering...
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Nov 1, 2012
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>> it is definitely going to have an impact on the economy. today we got a read on the economy ahead of sandy giving us really a baseline. that baseline was a little bit better than economists originally thought. at almost every count. perhaps the miss here -- what a nice graphic they made. perhaps the miss there was because they don't know how to estimate the new methodology. but that was better than expected. claims a little bit better than expected. ism above expectations also. construction spending powered by residential spending. government spending was tailing off there. consumer sentiment missed, but that was better than it was in the prior month. take a look at the ism manufacturing index in detail. we had this swoon, june, july, august, now it's popped back up above 50 for two months in a row. early to call a trend but good signs the sector ahead of sandy w was. as we've been talking about, sandy devastating a big swath of the country. folks, we're talking about the 12 to 15 states involved here representing about one-quarter of the n
>> it is definitely going to have an impact on the economy. today we got a read on the economy ahead of sandy giving us really a baseline. that baseline was a little bit better than economists originally thought. at almost every count. perhaps the miss here -- what a nice graphic they made. perhaps the miss there was because they don't know how to estimate the new methodology. but that was better than expected. claims a little bit better than expected. ism above expectations also....
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Nov 1, 2012
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to have the economy stabilized on a slight upswing from what weren't great numbers. the consumer hanging in there with the biggest problem being business spending. i think ultimately what we're going to see tomorrow are numbers that are in line, 125 to 150. i don't get too hung up in 10,000 here, 10,000 there. show me 250 and i'll be really excited. show me that 70 or 50,000, and i'll start getting concerned. >> rick, is that priced into the market? what kind of reaction will we get? >> i think it is priced in. i'm not sure we get a big market move on that. i congratulate the bureau of labor statistics. i'm sure there was pressure potentially to delay the number. many are glad they didn't. i think over the last couple days steve and i have raised issues that this is going to be an important number for a number of reasons, not to the least of which it is going to establish a baseline. a lot of uncertainty in the future. if this number is better or worse than expected, it's a baseline. it's going to put a lot of questions in. this number is going to get affected by som
to have the economy stabilized on a slight upswing from what weren't great numbers. the consumer hanging in there with the biggest problem being business spending. i think ultimately what we're going to see tomorrow are numbers that are in line, 125 to 150. i don't get too hung up in 10,000 here, 10,000 there. show me 250 and i'll be really excited. show me that 70 or 50,000, and i'll start getting concerned. >> rick, is that priced into the market? what kind of reaction will we get?...
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Oct 29, 2012
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the same thing is true about our economy. we have a much bigger economic storm looming on the horizon and it is going to hit with a lot more force. >> well said. peter, we got to cut it a little bit short because we want to show our viewers breaking news out of new york city. thank you very much, peter schiff. >>> what you're looking at right now folks is a crane in new york city. not exactly sure where, west 57th street? thank you, guys. that's a partial crane collapse on west 57th in new york city. one of the cranes that goes up multiple stories. hard to see there but it is actually kind of bent over. the arm has swung back down. again, no other information on this. no word if it was manned, although that is highly manned. although that's highly unlikely in this weather. west 57th, a crane collapsed. we'll bring you more as it develops. >>> many stores are malls are closed as they should be and they could stay that way for e day. how hard will the storm hit the restale stocks and sector? m tot. tdd#: 1-800-345-2550 tdd#: 1-
the same thing is true about our economy. we have a much bigger economic storm looming on the horizon and it is going to hit with a lot more force. >> well said. peter, we got to cut it a little bit short because we want to show our viewers breaking news out of new york city. thank you very much, peter schiff. >>> what you're looking at right now folks is a crane in new york city. not exactly sure where, west 57th street? thank you, guys. that's a partial crane collapse on west...
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Oct 31, 2012
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economy. any update to that figure? >> earlier comments, a lot of contingency plans, a lot of uncertainty here. but i think that's a fair estimate initially. let's look at governor christie's comments. depending so much on how fast the money gets back into the system and there's rebuilding. having lived in new york, you realize that the winter is coming. there's a huge inventive for people to start getting these things fixed right away. so that money will be put to work. so $30 billion is still our best estimate. at this point in time, depends on how quickly the money is put back into place. but having lived in this area, you probably appreciate the fact that actually a lot of improvements will happen now with better infrastructure, especially on the public sector level, so we actually could see an addition to economic growth in the first quarter greater than the loss in the fourth quarter. >> this is an important point, because as people try to sort out the impact, we've seen estimates from your firm that this could ta
economy. any update to that figure? >> earlier comments, a lot of contingency plans, a lot of uncertainty here. but i think that's a fair estimate initially. let's look at governor christie's comments. depending so much on how fast the money gets back into the system and there's rebuilding. having lived in new york, you realize that the winter is coming. there's a huge inventive for people to start getting these things fixed right away. so that money will be put to work. so $30 billion is...
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Nov 2, 2012
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still really tough economy. all voters know that. >> i say both sides get exactly what they want here. president can cite his case and governor romney can cite his. i don't think it is any different than it was three, four, five months ago, frankly. >>> let's talk about mayor michael bloomberg's decision to proceed with the new york marathon sunday. it is continuing to stir up controversy on concerns it is going to divert resources away from the rescue and recovery. is the backlash justified? >> don't get me started on this, tyler. i was this morning at a midtown hotel being forced to check out with my daughters and my wife. we don't have power. we don't have electricity or hot water downtown manhattan. we're being forced to check out because all the joggers were coming to the hotel. now i don't have anything against the runners themselves. i just think there are families in new york that still need hotel rooms because we don't have a place to live tonight. but the runners are getting those rooms. i just think t
still really tough economy. all voters know that. >> i say both sides get exactly what they want here. president can cite his case and governor romney can cite his. i don't think it is any different than it was three, four, five months ago, frankly. >>> let's talk about mayor michael bloomberg's decision to proceed with the new york marathon sunday. it is continuing to stir up controversy on concerns it is going to divert resources away from the rescue and recovery. is the...
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Oct 29, 2012
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the best, i think what will happen was just scheduling delays, will have a tremendous impact on the economy. just trying to clean up from whatever debris is left over. but people have been working in very -- strongly and cooperative since friday in order to protect against this. we're hoping the damage, if any, is very minimal. >> very quickly, the emergency workers at the scene say that they have no plans right now to go up and remove the crane, although they are going as high as they can to inspect the crane. is that the right call as far as where we are right now with the storm about to hit landfall in the next couple of hours? >> oh, absolutely. i think any efrlgforts to dismae the crane at this point would provide more of a daveng. >> thanks very much for joining us. >> thanks, maria. >> we appreciate that, louis coletti at building trades association. our coverage of hurricane sandy continues after this break as she whips across the eastern seaboard. bob pisani will be up. with the fidelity stock screener, you can try strategies from independent experts and see what criteria they use.
the best, i think what will happen was just scheduling delays, will have a tremendous impact on the economy. just trying to clean up from whatever debris is left over. but people have been working in very -- strongly and cooperative since friday in order to protect against this. we're hoping the damage, if any, is very minimal. >> very quickly, the emergency workers at the scene say that they have no plans right now to go up and remove the crane, although they are going as high as they...
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Nov 1, 2012
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if we're looking at a new normal economy of slow growth with the problems that you suggest and that we agree with, then going forward basically asset markets have to reflect that growth and they have to reflect as well the 0% interest rate bound towards which the financial complex has taken us and the federal reserve as well. this is not a double-digit type of return market going forward for any investor, in our view. >> you want to throw a number into the cnbc lunch bet jobs report number pool? we got super bowl boxes once a month for these things. >> put me down for 142,000, brian. >> okay. >> bill gross, $ 142,000. >> watch out, bill. this is a big man with a big stomach and a big appetite. bill, great to have you on our show, as always. >>> flying anywhere in the country right now is still a challenge. >> that's putting it lightly. when airports in the northeast go down, the whole system seems to go with it. we're about to ask a former faa administrator how to change the system to keep those planes flying. ♪ ♪ ♪ [ male announcer ] don't just reject convention. drown it out. i
if we're looking at a new normal economy of slow growth with the problems that you suggest and that we agree with, then going forward basically asset markets have to reflect that growth and they have to reflect as well the 0% interest rate bound towards which the financial complex has taken us and the federal reserve as well. this is not a double-digit type of return market going forward for any investor, in our view. >> you want to throw a number into the cnbc lunch bet jobs report...
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Oct 29, 2012
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i'm worried about the impact on our economy and on transportation. the election will take care of itself next week. right now, our number one priority is to make sure that we are saving lives, that our search and rescue teams are going to be in place, that people are going to get the food, the water, the shelter they need in case of emergency, and that we respond as quickly as possible to get the economy back on track. thank you, everybody. >> we've ben listening to president obama make statements regarding hurricane sandy, giving an update saying what the weather map that you're looking at right on your screen already shows. in the president's word, this is going to be a big and powerful storm, yet he does say that he is confident that the assets are prepositioned to respond. when asked what he thinks the impact will be on the election, the president saying he's not at all worried about that impact. he's more worried about the economy and on transportation, mentioning that it is going to take several days for airlines and other transportation system
i'm worried about the impact on our economy and on transportation. the election will take care of itself next week. right now, our number one priority is to make sure that we are saving lives, that our search and rescue teams are going to be in place, that people are going to get the food, the water, the shelter they need in case of emergency, and that we respond as quickly as possible to get the economy back on track. thank you, everybody. >> we've ben listening to president obama make...
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and it's very critical to the new york city economy. it's just eight miles from midtown manhattan, normally serves about 1,000 flights a day. nothing right here today. take a look at this picture. this picture was given to us today by an airline employee. it shows a tarmac yesterday with water from both of the bays that sandwich laguardia nearly to the jet bridge. unbelievable, but we did look out a window this morning. and however it appears at least in the section that we could see of the central terminal the water has receded. while the port authority says laguardia is still officially closed, there are some airline and airport employees that are here. they're at their post. we spoke to them, they didn't want to be on camera. they did say they were asked to come in to work, but they're not exactly sure what they're supposed to be doing. and there are some passengers here that are sure they're getting out today. >> i know for a fact this airport is going to open today. because i stayed here monday night. i know it was like a ghost tow
and it's very critical to the new york city economy. it's just eight miles from midtown manhattan, normally serves about 1,000 flights a day. nothing right here today. take a look at this picture. this picture was given to us today by an airline employee. it shows a tarmac yesterday with water from both of the bays that sandwich laguardia nearly to the jet bridge. unbelievable, but we did look out a window this morning. and however it appears at least in the section that we could see of the...
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what do you think the impact of sandy is on the economy? >> a short term, it's going to negatively empa lly impact reta and may be higher. however, the impact tends to be short-lived where we tend to see a recovery. we have to rebuild these homes. so the long-term effect is quite snaul the sense that we usually recover the economic lost output, short-term. >> you recoop the loss. you can't be blowing out bridges and buildings. what i want to know is let me use $50 billion. that's a pretty good round number. don't you think -- and the american spirit, that's what i want to talk about. they're going to rebuild. they're going to reopen. the stores are going to reopen. the factories are going to reopen. people are going to go after these hopes that got so terribly devastated. i think that's going to happen sooner, joe. i think that happens in november, and i'm not even sure the fourth quarter will be hurt by this. >> that could happen. we did see with katrina -- i mean, gdp did get a lift shortly there after katrina. i'm just saying there's goi
what do you think the impact of sandy is on the economy? >> a short term, it's going to negatively empa lly impact reta and may be higher. however, the impact tends to be short-lived where we tend to see a recovery. we have to rebuild these homes. so the long-term effect is quite snaul the sense that we usually recover the economic lost output, short-term. >> you recoop the loss. you can't be blowing out bridges and buildings. what i want to know is let me use $50 billion. that's a...
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is that a cost to the economy or is that a negative? what happens here normally is you get a decline in business activity. >> in general, these things are seen as negative for the economy, you can't destroy things and rebuilt them and hope to run a regrowth strategy on th that. >> a lot of this took place on the seacoast and flood insurance usually doesn't cover are that. when you have the initial impact as negative, the recovery is spread out over several quarters and very hard to isolate, the initial impact is very big. and the ones affecting the income side of the equation and having these uninsured losses is going to be -- >> i read one market watcher yesterday, guys, wrote, if your house got flooded, you better hope a tree fell on it first given the way that flood insurance is working right now. >> just to reiterate what steve said, people pay for it one way or the other. people are going to pay for it out of their own pocket or fema is going to come in and pay for it that the people in general end up bearing. >> a transfer of weal
is that a cost to the economy or is that a negative? what happens here normally is you get a decline in business activity. >> in general, these things are seen as negative for the economy, you can't destroy things and rebuilt them and hope to run a regrowth strategy on th that. >> a lot of this took place on the seacoast and flood insurance usually doesn't cover are that. when you have the initial impact as negative, the recovery is spread out over several quarters and very hard to...
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>> i believe it would be a stimulus for the economy, yes. currently the administration plans and the gses have frustrated that but, yes, i think it would be positive. >> you advised the romney campaign, obviously, on policy. you probably don't advise them on how to campaign, i guess, glenn. is that the story, that was where it was in january and we sit at 7,900 and we're still above where we started? >> those are all good talking points. the way i put it to people, as i said before, you have 23 million americans struggling and looking to participate more in this labor market and we have a jobs gap of more than 8 million from what the president promised in his first forecast from where we are mao. that's not a great record. >> glenn hubbard, thanks for your immediate appraisal of the report. we appreciate it. >>> all right. a programming note. watch "squawk on the street" for reaction to the jobs report from alan krueger, chairman of the council of economic advisers for the president. >>> when we come back, we will have more reaction to the j
>> i believe it would be a stimulus for the economy, yes. currently the administration plans and the gses have frustrated that but, yes, i think it would be positive. >> you advised the romney campaign, obviously, on policy. you probably don't advise them on how to campaign, i guess, glenn. is that the story, that was where it was in january and we sit at 7,900 and we're still above where we started? >> those are all good talking points. the way i put it to people, as i said...
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economy is hard to measure. that's why it's important to take a broad look and not overreact to any particular report, try to keep the numbers in perfespective. >> dr. krueger, thank you so metropolitan for your time. good to see you as always. >> thank you. >> alan krueger from the white house. >>> we continue on ipo watch, one of the three here at the new york stock exchange trading higher, $23.20 the last trade. i want to go to bob pisani in the crowd. restoration hardware, bob, it looks like the top end has risen. >> reporter: yes, $32 to $32.25. remember, the range here, $22 to $24, priced at $24. the talk and they hand icap basd on what they think the demand is, but $2 at $26 looking at $32. i am told the deal was 28 times over subscribed and you don't have anything to compare that to, that's a lot. you hear four times oversubscribed but on those numbers that's quite a remarkable number. remember, the ipo trend here, keep the size smaller. we're dealing with over 5 million shares. that's not a lot. the two
economy is hard to measure. that's why it's important to take a broad look and not overreact to any particular report, try to keep the numbers in perfespective. >> dr. krueger, thank you so metropolitan for your time. good to see you as always. >> thank you. >> alan krueger from the white house. >>> we continue on ipo watch, one of the three here at the new york stock exchange trading higher, $23.20 the last trade. i want to go to bob pisani in the crowd. restoration...
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Oct 30, 2012
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they are estimating that binds the location where the storm hit, probably cost the is economy about $150 to $20 billion, $10 billion per day. wells fargo thinking it could be a .1 to .2% impact on q 4 gdp. >> now, there's the rebuilding, of course, which might offset some of that. >> yep. >> but that takes a while to be impacted and to be really factored into the equation, right? >> i talked to someone yesterday who is thinking we will see a benefit when we go into 2013 and 2014 increasing his growth estimates for 2013 and bringing down unemployment outlook based on the effects bound to happen as the money starts to flow in and rebuild beyond the storm. >> yesterday, we talked a little bit about retail. do you have a different sense of things today or perhaps a more complete sense of what the impact's going to be on retailers? >> i think it's going to be really tough for november. it looks like the power outages that have happened are as bad as we expected, probably lose the first full week of november. that affects about 20% of the retailers in the u.s. so i would expect to see 2 or 3%
they are estimating that binds the location where the storm hit, probably cost the is economy about $150 to $20 billion, $10 billion per day. wells fargo thinking it could be a .1 to .2% impact on q 4 gdp. >> now, there's the rebuilding, of course, which might offset some of that. >> yep. >> but that takes a while to be impacted and to be really factored into the equation, right? >> i talked to someone yesterday who is thinking we will see a benefit when we go into 2013...
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my thoughts on superstorm sandy and her impact on the already shaky economy. stick around. or that printing in color had to cost a fortune. nobody said an all-in-one had to be bulky. or that you had to print from your desk. at least, nobody said it to us. introducing the business smart inkjet all-in-one series from brother. easy to use, it's the ultimate combination of speed, small size, and low-cost printing. [ male announcer ] eligible for medicare? that's a good thing, but it doesn't cover everything. only about 80% of your part b medical expenses. the rest is up to you. so consider an aarp medicare supplement insurance plan, insured by unitedhealthcare insurance company. like all standardized medicare supplement plans, they help save you up to thousands in out-of-pocket costs. call today to request a free decision guide. with these types of plans, you'll be able to visit any doctor or hospital that accepts medicare patients... plus, there are no networks, and you'll never need a referral to see a specialist. join the millions who have already enrolled in the only medica
my thoughts on superstorm sandy and her impact on the already shaky economy. stick around. or that printing in color had to cost a fortune. nobody said an all-in-one had to be bulky. or that you had to print from your desk. at least, nobody said it to us. introducing the business smart inkjet all-in-one series from brother. easy to use, it's the ultimate combination of speed, small size, and low-cost printing. [ male announcer ] eligible for medicare? that's a good thing, but it doesn't cover...
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Nov 1, 2012
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>> well i think the economy has, is going along fairly well. so many people it seems to me are really worried about europe and a lot of other macro problems in the world, and our own fiscal problems that they've almost gotten their portfolios in too bearish a situation, in a situation where the only way they can succeed is for catastrophe, and that's probably one of the most powerful things about our market is that people, some people are situated that way. but we seem to be, europe seems to be getting a little bit better, and i still think there's a good chance that we will get together and solve our fiscal problems. they're certainly solvable. >> i'd certainly hope so, too. i hope there is some solution to that. emile, what do you see right now? >> i see an extraordinarily tepid recovery in the u.s. if you look at us versus say the reagan recovery, three years into the reagan recovery, employment or gdp growth was between 7% and 8%. there was 700,000 to 800,000 jobs being created per month and so this recovery is essentially a jobless recover
>> well i think the economy has, is going along fairly well. so many people it seems to me are really worried about europe and a lot of other macro problems in the world, and our own fiscal problems that they've almost gotten their portfolios in too bearish a situation, in a situation where the only way they can succeed is for catastrophe, and that's probably one of the most powerful things about our market is that people, some people are situated that way. but we seem to be, europe seems...
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Oct 29, 2012
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i'll worry about the economy more than a few times before they're grown. but it's for them, so i've found a way. who matters most to you says the most about you. massmutual is owned by our policyholders so they matter most to us. massmutual. we'll help you get there. edition of "fast money." we continue to monitor hurricane sandy. let's get to the breaking news on departures. departures plural from apple. john, it is not only the executive in charge of iphone software but as we are learning the head of retail. what do you know? >> that is the cause. the reason why this is stuch a b such a big deal far beyond that. vin seen a reorganization with apple since these jobs returned 15 years you a go. as you said scott for stastall leaving. he got tossed around as a potential successor to tim cook. not that he's leaving any time soon but that's how high his profile has been with apple. also, john browett, who has been hired to head up retail, he is out. now, that's interesting because apple had taken some heat important the way it had been handling retail recentl
i'll worry about the economy more than a few times before they're grown. but it's for them, so i've found a way. who matters most to you says the most about you. massmutual is owned by our policyholders so they matter most to us. massmutual. we'll help you get there. edition of "fast money." we continue to monitor hurricane sandy. let's get to the breaking news on departures. departures plural from apple. john, it is not only the executive in charge of iphone software but as we are...
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Oct 31, 2012
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it's the life blood to our economy. when that life blood is not pumping, it will have a serious impact. it's not just how soon will trains be running but will be repair costs? they will be significant. mta had its own financing troubles particularly with regard to that capital program. they obviously weren't anticipating the kind of damage that this storm has brought. a long-term where we're at with financing for the mta is a very unclear picture. i am out here on long island. perhaps not as reliant on public transportation but the traffic signals are out and many businesses say to their employees to stay home for safety sake. as you know long island has 85% to 90% of customers without power and electricity. think of impact on small businesses. we think of big businesses and big players but small businesses that really typify communities like long island and westchester, they're not able to open. what's the impact there? real consequences here that we still have to determine. >> small businesses around where we are at t
it's the life blood to our economy. when that life blood is not pumping, it will have a serious impact. it's not just how soon will trains be running but will be repair costs? they will be significant. mta had its own financing troubles particularly with regard to that capital program. they obviously weren't anticipating the kind of damage that this storm has brought. a long-term where we're at with financing for the mta is a very unclear picture. i am out here on long island. perhaps not as...
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it's the split in the economy. now we're getting just a little bit more data here. >> this is interesting. the reason for the delay on this is the data was released only on commerce department website and not with usual lockup since there's no personnel there. commerce website to get the information. >> the core inflation figures were spot on expectations. no change up 1.7 for the year. >> i got it now. >> september 0.4. disposables 0.4. if you take out inflation, you come up with zero on disposable income. i'm interested on savings rate. do you remember what the numbers are? usually i get a table. >> i don't have that. >> overall personal income 0.1 in august. 0.2 in july. i have to look back at the old numbers. talk amongst yourselves. >> spending was 0.5. >> i'm trying to get prior numbers here. >> for august? >> i have them right here. what numbers do you need. disposable personal income 0.1%. personal consumption was in current dollars 0.5%. >> real spending is up 0.4%. real income 00. i don't have wage and sa
it's the split in the economy. now we're getting just a little bit more data here. >> this is interesting. the reason for the delay on this is the data was released only on commerce department website and not with usual lockup since there's no personnel there. commerce website to get the information. >> the core inflation figures were spot on expectations. no change up 1.7 for the year. >> i got it now. >> september 0.4. disposables 0.4. if you take out inflation, you...
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what impact could that have on a weak economy. that's next on cnbc. if we want to improve our schools... ... what should we invest in? maybe new buildings? what about updated equipment? they can help, but recent research shows... ... nothing transforms schools like investing in advanced teacher education. let's build a strong foundation. let's invest in our teachers so they can inspire our students. let's solve this. try running four.ning a restaurant is hard, fortunately we've got ink. it gives us 5x the rewards on our internet, phone charges and cable, plus at office supply stores. rewards we put right back into our business. this is the only thing we've ever wanted to do and ink helps us do it. make your mark with ink from chase. he's going to apply testosterone to his underarm. axiron, the only underarm treatment for low t, can restore testosterone levels back to normal in most men. axiron is not for use in women or anyone younger than 18. axiron can transfer to others through direct contact. women, especially those who are or who may become pregn
what impact could that have on a weak economy. that's next on cnbc. if we want to improve our schools... ... what should we invest in? maybe new buildings? what about updated equipment? they can help, but recent research shows... ... nothing transforms schools like investing in advanced teacher education. let's build a strong foundation. let's invest in our teachers so they can inspire our students. let's solve this. try running four.ning a restaurant is hard, fortunately we've got ink. it...
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. ♪ with the best-in-class fuel economy. engineered to move heaven and earth. ♪ guts. glory. ram. >>> tonight, some residents of new jersey's barrier islands are seeing what's left of their homes and what they find could be heartbreaking. this is a picture of the jersey shore before hurricane sandy, then after the storm ravaged the community. michael holmes is live in toms river, new jersey. michael. >> reporter: yeah, erin, that whole area has been battered so badly. we've been out there twice in two days. we've seen house in the middle of the street. gas lines that are just now being brought under control and one of the worst hit areas we got to today, an area familiar to many viewers. that whole new jersey boardwalk area. those entertainment piers. of all the damage brought by sandy, these images are among the those that stand out the most. take a look at before and then the heartbreaking after. this is the casino pier and amusement park in seaside heights. three quarters century old. to television viewers who watched "the sopranos" or the jersey shore or listen to bruce s
. ♪ with the best-in-class fuel economy. engineered to move heaven and earth. ♪ guts. glory. ram. >>> tonight, some residents of new jersey's barrier islands are seeing what's left of their homes and what they find could be heartbreaking. this is a picture of the jersey shore before hurricane sandy, then after the storm ravaged the community. michael holmes is live in toms river, new jersey. michael. >> reporter: yeah, erin, that whole area has been battered so badly. we've...
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from the next economy, to the next generation, we help get... the most out of business, by getting the best out of people. shrm. leading people, leading organizations. in that time there've been some good days. and some difficult ones. but, through it all, we've persevered, supporting some of the biggest ideas in modern history. so why should our anniversary matter to you? because for 200 years, we've been helping ideas move from ambition to achievement. and the next great idea could be yours. ♪ . >>> we start the second half of our show on stories we care about. where we focus on our own reporting. the crane that overturned high above manhattan is a little closer to being tied down tonight. it was being used to construct the tallest residential building in manhattan. today, michael bloomberg announced that inspections of the crane are complete. the construction manager tells us the department of buildings is reviewing the plans to secure it. the area is still closed. public transportation in new york city is starting to come back. some subway lines and amtrak are going to run on a s
from the next economy, to the next generation, we help get... the most out of business, by getting the best out of people. shrm. leading people, leading organizations. in that time there've been some good days. and some difficult ones. but, through it all, we've persevered, supporting some of the biggest ideas in modern history. so why should our anniversary matter to you? because for 200 years, we've been helping ideas move from ambition to achievement. and the next great idea could be yours....
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what's he doing on the economy? those questions belonged to the debates and a lot earlier. it's all about who shows up and where the numbers come from no. >> the way the storm took over this past week and we saw the pictures of barack obama and chris christie. so much ink and air time was devoted to that it was like cat nip. >> number two, it's so rare for a republican, especially someone like chris christie who has spent the campaign as a partisan romney supporter. it's so rare for a republican to say anything nice about a democrat or vice versa, that that's major, major news. when someone steps into a leadership role and says something is bigger than politics. >> underlying it it seems to me there's a certain cynicism which is chris christie couldn't possibly be sincere in thinking that the residents of his state who were just deb stated by this storm, without power, without gas, many of them losing homes, that that was more important than partisan politics. almost like we didn't buy that. >> i couldn't agree with you more. imagine you're chris christie and you're out the
what's he doing on the economy? those questions belonged to the debates and a lot earlier. it's all about who shows up and where the numbers come from no. >> the way the storm took over this past week and we saw the pictures of barack obama and chris christie. so much ink and air time was devoted to that it was like cat nip. >> number two, it's so rare for a republican, especially someone like chris christie who has spent the campaign as a partisan romney supporter. it's so rare for...
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the economy, it's george bush's fault. benghazi, hillary clinton's fault. well, the buck stops with the president of the united states. he asked for the job. it's his responsibility to stay on top of it and he right now is not staying on top of this recovery. >> rupert murdoch has tweeted tonight that he thinks that governor christie should now publicly declare very loudly and clearly, redeclare his support for mitt romney given all the praise he's lavished on the president and if he doesn't, then he would bear the blame, according to mr. murdoch, for the next four years in barack obama gets in. what do you make of that? >> oh, i don't go that far at all. i think at the point at which chris christie was saying that it was all quite legitimate. i think president obama at the beginning of this did keep his concentration on this and i think he was entitled to what chris christie said about him. what i'm saying is in the last couple of days, he has been 100% devoted to running for office. he has taken his eye off the ball and in some parts of new york, some par
the economy, it's george bush's fault. benghazi, hillary clinton's fault. well, the buck stops with the president of the united states. he asked for the job. it's his responsibility to stay on top of it and he right now is not staying on top of this recovery. >> rupert murdoch has tweeted tonight that he thinks that governor christie should now publicly declare very loudly and clearly, redeclare his support for mitt romney given all the praise he's lavished on the president and if he...
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the last thing we need, victor, as this economy is in a very, very fragile state. the good news here is typically when you have an event like this, things do turn around. it's not like the massive financial deleveraging process that we've been going through as an economy overall since 2008. that's a very different systematic problem. right now we're dealing with a temporarily halt which should then result in more spending after the fact. but that doesn't change the fact, victor, that this is going to be a very difficult time. you know, this is really the last thing this economy needs right now as it's trying to mend itself. >> we just got that job's report on friday. 171,000 jobs added. the labor department said the impact of sandy was not factored into that calculation. what do you think we'll see moving into the november numbers and december numbers because of the closed businesses? are are we looking at, you know, a loss of jobs? are we looking at justeven? >> we are adding jobs to this economy. 171,000, when i heard that number, it nearly knocked me off my feet
the last thing we need, victor, as this economy is in a very, very fragile state. the good news here is typically when you have an event like this, things do turn around. it's not like the massive financial deleveraging process that we've been going through as an economy overall since 2008. that's a very different systematic problem. right now we're dealing with a temporarily halt which should then result in more spending after the fact. but that doesn't change the fact, victor, that this is...
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Oct 28, 2012
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your economy is doing better than the national economy is, and this has been a tough row for him to hoe. what does mitt romney have to do if he can get into the state after the storm to turn this around? >> well, first i do want to thank governor romney who called me yesterday and agreed to cancel three events in virginia today to allow our first responders to focus on that. i appreciate it. the president is doing the same thing tomorrow. you mentioned the post poll. there are two other polls, both rasmussen and fox, that have romney up by two. it's margin of error. it's close, and it's going to come down to turn out the last undecided voters. i think why romney will win virginia is because he is the one that's going to reverse these sequestration cuts. they're going to devastate the military and cost us $200,000 jobs. the president has been a bystander and won't do that. he is the one with the plan to create jobs and we've got 23 million people that don't have jobs nationally and eight -- excuse me -- $16 trillion in debt. that's what virginians are concerned about and why there's been
your economy is doing better than the national economy is, and this has been a tough row for him to hoe. what does mitt romney have to do if he can get into the state after the storm to turn this around? >> well, first i do want to thank governor romney who called me yesterday and agreed to cancel three events in virginia today to allow our first responders to focus on that. i appreciate it. the president is doing the same thing tomorrow. you mentioned the post poll. there are two other...
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everyday you see all the ways all of us at us bank are helping grow our economy. lending more so companies and communities can expand, grow stronger and get back to work. everyday you see all of us serving you, around the country, around the corner. us bank. >>> welcome back to our continuing coverage of the aftermath of hurricane sandy. we keep getting new pictures that show this storm's strength. different prospectives from people in their own homes. incredible video of winds uprooting a tree on the backyard of a north shore of long island. takes a few seconds. as you can see right there. you can see the ground starting to move up. obviously a very old tree. take a look and listen. >> uh-oh. uh-oh. so sad to see. sandy still hitting parts of west virginia hard tonight. with snow, not rain. heavy, wet snow, weighing down trees, knocking down power lines. utility companies say more than 340,000 customers without power. some areas of state under a blizzard warning tonight. one death is being reported so far there. martin savidge joins us from west virginia. martin,
everyday you see all the ways all of us at us bank are helping grow our economy. lending more so companies and communities can expand, grow stronger and get back to work. everyday you see all of us serving you, around the country, around the corner. us bank. >>> welcome back to our continuing coverage of the aftermath of hurricane sandy. we keep getting new pictures that show this storm's strength. different prospectives from people in their own homes. incredible video of winds...
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Oct 31, 2012
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everyday you see all the ways all of us at us bank are helping grow our economy. lending more so companies and communities can expand, grow stronger and get back to work. everyday you see all of us serving you, around the country, around the corner. us bank. >>> thanks in large part to half a dozen german born players. george howell takes a look at this black in america report. >> mr. gobachev, tear down this wall. >> reporter: the impact of the u.s. military build up in germany during the cold war is still being felt today in an unlikely place, the soccer field. half a dozen sons of american soldiers stationed in germany, born to german mothers, have elected to play for the u.s. national soccer team rather than germany's in the last few years. for some, this decision relates to their racial identity. danny williams and the other five players all have african-american fathers. >> what does it mean to be biracial in germany versus being biracial here in the united states? >> people in germany, they know i'm not 100% german. i am more american than german. >> report
everyday you see all the ways all of us at us bank are helping grow our economy. lending more so companies and communities can expand, grow stronger and get back to work. everyday you see all of us serving you, around the country, around the corner. us bank. >>> thanks in large part to half a dozen german born players. george howell takes a look at this black in america report. >> mr. gobachev, tear down this wall. >> reporter: the impact of the u.s. military build up in...
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i'll worry about the economy more than a few times before they're grown. but it's for them, so i've found a way. who matters most to you says the most about you. massmutual is owned by our policyholders so they matter most to us. massmutual. we'll help you get there. customer erin swenson bought so, i'm happy. today. sales go up... i'm happy. it went out today... i'm happy. what if she's not home? (together) she won't be happy. use ups! she can get a text alert, reroute... even reschedule her package. it's ups my choice. are you happy? i'm happy. i'm happy. i'm happy. i'm happy. i'm happy. happy. happy. happy. happy. (together) happy. i love logistics. energy is being produced to power our lives. while energy development comes with some risk, north america's natural gas producers are committed to safely and responsibly providing generations of cleaner-burning energy for our country, drilling thousands of feet below fresh water sources within self-contained well systems. and, using state-of-the-art monitoring technologies, rigorous practices help ensure our
i'll worry about the economy more than a few times before they're grown. but it's for them, so i've found a way. who matters most to you says the most about you. massmutual is owned by our policyholders so they matter most to us. massmutual. we'll help you get there. customer erin swenson bought so, i'm happy. today. sales go up... i'm happy. it went out today... i'm happy. what if she's not home? (together) she won't be happy. use ups! she can get a text alert, reroute... even reschedule her...
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latin america's economy is almost as large as that of china. a large middle class and growing middle class. this is a big opportunity for us to trade and to expand the sales of our goods and services in latin america. but by the way, if nations cheat and china has over the years that has to end. we can't let them steal our jobs with unfair trade practices. number three -- number one is energy. number two is trade and number three is skills, not only for our current workers but also we've got to make sure that our schools stop being at the bottom of the pile. we are at the bottom third or bottom quartile. they have to be world class globally competitive. you have done something about that here, governor. this governor was the education governor that all of us looked at with admiration. and he can describe this better than i can but one thing he did is grade schools to determine which ones are succeeding and which ones weren't and if a school is not succeeding why the kids in the school given the ability to go to another school. could be a charte
latin america's economy is almost as large as that of china. a large middle class and growing middle class. this is a big opportunity for us to trade and to expand the sales of our goods and services in latin america. but by the way, if nations cheat and china has over the years that has to end. we can't let them steal our jobs with unfair trade practices. number three -- number one is energy. number two is trade and number three is skills, not only for our current workers but also we've got to...
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i'll worry about the economy more than a few times before they're grown. but it's for them, so i've found a way. who matters most to you says the most about you. massmutual is owned by our policyholders so they matter most to us. massmutual. we'll help you get there. begins with back pain and a choice. take advil, and maybe have to take up to four in a day. or take aleve, which can relieve pain all day with just two pills. good eye. >>> welcome back we are in hoboken, new jersey. the water has receded a lot throughout the day. i'm standing in a section near city hall. gary tuckman has been out for hours. rooftop rescues, similar to scenes in new orleans, in hurricane katrina in 2005, the team of the nypd used a helicopter to lift people who were stranded in their homes by flood water. down on staten island three people now are missing. we know that 14 people have lost their lives on staten island alone at least 54 across the area so far. as we are seeing at ground level and especially from the air, perhaps the worst physical destruction is along the jersey
i'll worry about the economy more than a few times before they're grown. but it's for them, so i've found a way. who matters most to you says the most about you. massmutual is owned by our policyholders so they matter most to us. massmutual. we'll help you get there. begins with back pain and a choice. take advil, and maybe have to take up to four in a day. or take aleve, which can relieve pain all day with just two pills. good eye. >>> welcome back we are in hoboken, new jersey. the...